FAQs : The RBS (One Account) Solicitor Panel
from members of the public
What is the rationale as to why all UK lawyers aren't included on the RBS (One Account) Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My son-in-law is about to exchange on a new build apartment with a mortgage from RBS (One Account). His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS (One Account) conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS (One Account) conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the RBS (One Account) conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am trying to get my former partner removed the mortgage deeds. Can RBS (One Account) really tell me which solicitor I can or can not use?
You can use any solicitor you like but RBS (One Account) then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the RBS (One Account) solicitors panel
I have today made my last payment due on mortgage with RBS (One Account). I assume I don't need a solicitor on the RBS (One Account) panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your RBS (One Account) mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS (One Account) mortgage from the register. RBS (One Account),and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the RBS (One Account) has sent the Land Registry the discharge electronically, and
the RBS (One Account) has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your RBS (One Account) mortgage has been paid off.
I have a mortgage with RBS (One Account). My father has just retired and wants to pay off my mortgage. After RBS (One Account) is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the RBS (One Account) conveyancing panel? I do not intend to live at the property once the RBS (One Account) mortgage is discharged.
You
will need a solicitor but they need not be on the RBS (One Account) conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have a mortgage with RBS (One Account). Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS (One Account)?
You must advise RBS (One Account) in advance of letting out your property as this is likely to be a breach of RBS (One Account)’s mortgage conditions. It may be that RBS (One Account) will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS (One Account) directly. It should not be necessary to do this via a RBS (One Account) conveyancing panel solicitor.